Nordstrom Lightens Financial Burden Taken On Amid Pandemic With $675 Million Bond Sale

Nordstrom has closed on $675 million in new unsecured notes that the company says will cut its interest expenses by about $30 million and help reduce leverage on the company. The retailer plans to use the proceeds to pay off $600 million in senior secured bonds issued last year to raise cash in the early weeks of the COVID-19 crisis. The new bonds carry significantly lower interest rates and will free property from liens that Nordstrom used to back last year’s bonds. Chief Financial Officer Anne Bramman said in a press release that the refinancing further strengthens Nordstrom’s financial position after the “unprecedented challenges” of the pandemic. Read more at Retail Dive.